When searching for the perfect home, most people have a partner, spouse, or even a friends to consider. The advantage of two salaries coming into the household is enough to make the whole process that much easier. When buying a home on your own, it can all turn out quite differently. There are a number of great tips to remember when going down this road alone. Since an increasing number of homeowners are singles, it's important to consider their needs. Real estate agents know that, of all the determining factors, location will definitely play a huge role in the sale. Singles are often in search of properties closest to shopping malls, entertainment areas, bars, restaurants, and anywhere with a vibrant nightlife.
Budget
When you only have your salary to rely on, you need to be realistic and honest with yourself. Set a budget and be prepared to pay your monthly installments even if you lose your job or if other circumstances (like unexpected medical expenses) occur. Planning your budget on the limit, you are not leaving yourself any room for error. It's this precise precaution that leads banks and other financial institutes to set home loan limits.
Responsibilities
When you move in with your DIY savvy partner, then you should have no issues with things like large lawns, swimming pools, and anything else that will likely require regular maintenance. You will either need to call in a service to get the shop done or learn to do it yourself! If you're not up for weeding the garden and getting your hands dirty, then you should consider apartment living or a home with a small garden instead.
Personal Safety
When you live alone, it's even more important to look for a home in an area known for being safer and more secure. You should also look for security features such as alarms, walls, and fences, as well as in-home security features like strong doors and windows. Of course, you can take additional measures to keep potential burglars at bay, but this comes down to personal preference.
Resale value
When you buy an investment like a home, it's always important to take a step back and look at the bigger picture. Consider the longevity of your investment and don't limit yourself to 5 or 10 years from the purchase date. Think further into the future. Your plans need not be set in stone, but it's always good to have an idea of what you might do under different circumstances.
Consider property size
When you buy a home, do you plan on having your partner move in with you? Do you plan on selling your home and moving in with them? Or perhaps you want to keep both properties and rent one of them out. No matter what you choose, you should consider whether or not your property will prove suitable for a family. If you decide to have kids or if you get any pets, will your home be large enough for everyone? Like your budget, space should never be “just enough”. It should be more than adequate to allow for your growth as a household.
Whether you are looking for a family home or condo in the GTA, don't forget just how important professional help and advice really is. Call Marina Rigenco at 647-834-2292 to find out more about the newest and hottest property listings!
